30s Summary
Jiva Technologies announced plans to invest up to $1m in Bitcoin, following approval from their board of directors. CEO Lorne Rapkin highlighted Bitcoin’s limited supply, potential as a hedge against inflation, and growing acceptance among big companies as key factors in the decision. The announcement prompted a 36.4% increase in Jiva’s stock, with the Canadian wellness company joining a growing trend of firms investing in Bitcoin to diversify assets. Other companies making similar moves include Rumble, Hoth Therapeutics, and Genius Group.
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Jiva Technologies, a company that’s all about wellness and plant-based products, has decided they’re going to start investing in Bitcoin. After their board of directors gave the thumbs up, they’re planning to invest up to $1 million in BTC.
Lorne Rapkin, the boss of Jiva, said on Nov. 25 that as more people start to trust and accept Bitcoin, it seemed like a great opportunity for them. He mentioned that Bitcoin’s limited supply makes it a good protection against inflation and a safe bet in uncertain economic times.
Rapkin also talked about how the current regulatory environment and the growing acceptance of Bitcoin among big companies have made it even more attractive. He pointed out the huge amount of Bitcoin exchange-traded funds that have been bought recently, amounting to over $30 billion since their launch.
He believes these factors show how valuable Bitcoin is and thinks it’s a brilliant asset for companies looking to protect themselves against inflation.
For those who don’t know, Jiva Technologies is a Canadian company that focuses on online wellness and promotes wellness brands through joint ventures. They recently changed their name from PlantX Life and they run Bloombox Club which delivers plants online to the US, UK, and Europe.
After this announcement, their stock saw a big jump of 36.4% to $0.33. They’re part of an increasing number of companies who are starting to invest in Bitcoin in order to diversify their corporate assets.
This move seems to becoming popular, with other companies like video-sharing platform Rumble, biopharmaceutical company Hoth Therapeutics, and AI firm Genius Group also deciding to invest in Bitcoin.